Stabilizes On USD Weakness

Gold is around 0.35% higher so far today, putting the precious metal back close to $1650. We closed last week just under $1645, dropping nearly 3% for the week.

• In terms of levels, late last week we saw a low close to $1640, beyond that is just under $1620 from September 28^th, a cyclical low. On the topside, rallies last week rain out of momentum above $1680.
• Broader risks still appear skewed to the downside for gold, as it continues to be closely aligned with USD sentiment. Today's rebound has coincided with the DXY down by around -0.25%, with the index sitting back close to the 113.00 level.
• Gold ETF holdings continue to track lower, now back to April 2020 levels. Holdings are down around 10% from their April peak of this year.